Bookies odds: Who will be in Theresa May's cabinet?

I am a reporter at City A.M. looking at the stories, people and data behind political events from the UK, Europe and further afield. I also write about infrastructure and transport, as well as broader issues around global business.

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May will take office tomorrow after Prime Minister's Questions (Source: Getty)

James Nickerson

As Prime Minister David Cameron chairs his last cabinet, the UK's bookies have been busy at work compiling who will make up Theresa May's new team.

Ladbrokes' data wonks have been busy calculating odds and this is what we have so far.

They have Chris Graying as a strong favourite home secretary, offering odds of 2/1 on the appointment.

Grayling, a former Leave campaigner, is running May's campaign. He said today that she will choose the best people available for her cabinet and appoint a "strong, balanced, sensible team", while being mindful of the need to unite the party.

Meanwhile, the bookmaker sees George Osborne as foreign secretary with odds of 4/6, with second favourite Boris Johnson trailing far behind on 8/1.

Both Osborne and Johnson had been favourites to take the Tory throne, but the former London mayor pulled out at the last minute while Osborne's chances appeared to be scuppered after the Leave vote won.

The bookmaker thinks he'll switch places with current foreign secretary Philip Hammond, who they put on 1/2 favourite for role of chancellor.

Hammond said today that negotiations could take up to four years to negotiate an exit from the EU.